Facebook is massivereportedly puts a big dent in the pocket of the social network.
Fortune and Snopes estimate that the world’s largest social network has already lost at least $ 60 million in revenue since its apps, including Instagram and WhatsApp, went offline around 1 p.m. 8:30 PT / 11: 30am ET Monday.
Both businesses estimated the loss of revenue for Facebook from 6 p.m. During this three-month period, Facebook reported about $ 29 billion in revenue. That means Facebook earns about $ 319.6 million a day in revenue, $ 13.3 million an hour, $ 220,000 per day. Minute and $ 3,700 per. Second. The sites then used these numbers to calculate revenue losses based on how long the interruption lasted.
The estimates underscore the economic impact of a massive disruption on Facebook’s advertising business. The company said it is working to restore its services but has not said what is causing the outage. Facebook is currently backed up for some people.
“We are aware that some people are having trouble accessing our apps and products. We are working to get things back to normal as soon as possible and we apologize for the inconvenience,” Facebook tweeted about six hours ago.
Around 3:30 p.m. PT / 6:30 p.m. ET, Facebook services slowly came back online, the social network said. “To the huge community of people and businesses around the world who depend on us: We’m sorry,” the company tweeted. “We have worked hard to restore access to our apps and services and are pleased to report that they are returning online now. Thank you for joining us.”
Lost revenue was not the only financial problem Facebook encountered on Monday. Shares of the company fell nearly 5% to $ 326.23 per share. Share in the middle of a big sale on social media. (Shares on Twitter and Snap were both up more than 5%.)
The shift in Facebook shares weighed on CEO Mark Zuckerberg’s net worth, which fell to $ 121.6 billion. He is now placed under Microsoft co-founder Bill Gates and is the fifth richest person in the world, according to Bloomberg.